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Inflation goes up by 11.37% in April as food prices increase – NBS

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The National Bureau of Statistics has announced that Nigeria’s consumer inflation rate has moved from 11.25% in March this year to 11.37% in April.

The Bureau in a statement posted on twitter said that food price index rose from 13.45% to 13.70% at a 0.94% increase in April.

The rise in food index has been attributed to the surge in prices of commodities such as meat, fish, oils and fats, bread and cereals, milk, cheese and egg, yam and other tubers, fruits and vegetables.

The report indicated that the food sub-index also increased by 1.14% in April from the 0.88% recorded the previous month.

The average annual rate of change of the food sub-index for the twelve-month period ending April over the previous twelve-month average was 13.34% which is 0.08% points from the average annual rate of change recorded in March that is 13.42%.

The bureau, stated further that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On monthly basis, the Headline index increased by 0.94% in April, this was 0.15% rate higher than the rate recorded in March which was 0.79%.

The bureau claimed the percentage change in the average composite CPI for the 12 period which ended in April over the average of the CPI for the previous 12 months period was 11.31%.

In addition, it said the urban inflation rate increased by 11.70% (year-on-year) in April from 11.54% as recorded in March.

The rural inflation rate also increased by 11.08% in April from 10.99% in March, 2019.

The CPI represents the average change over time in the prices of goods and services consumed by people daily.

The CPI combines economic theory, sampling and other statistical techniques as well as using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

The weighting is used to determine the importance of the selected commodities in the entire index.

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Source JiveNaija.com

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